Whalesbook
Profit Hua Tagda, Par Quality Ka Kya?
Bajaj Finance ne FY26 ke Q4 results announce kar diye hain, aur bhai, profit toh 22% badh gaya hai saal-dar-saal, pahunch gaya ₹5,464.57 crore tak! Revenue bhi 20% daud kar ₹11,781 crore ho gaya. Pre-provision operating profit bhi 21% upar hai. Lagta hai sab kuch mast chal raha hai, na?
Par Thodi Chinta Bhi Hai!
Aisa laga hi tha ki sab changa si, par number dekho toh GNPL (Gross Non-Performing Loans) thoda sa 0.96% se badh kar 1.01% ho gaya hai. Net NPA thoda kum ho kar 0.41% ho gaya hai. Ye GNPL ka badhna investors ko thoda pareshan kar sakta hai, kyuki July 2025 mein jab GNPL 1.03% tha, toh stock 6% gira tha, aur November 2025 mein 1.24% par toh 8% gir gaya tha! Share price aaj 0.99% gir kar ₹932.80 par band hua tha results aane ke baad. Company ka market cap abhi ₹5.79 lakh crore hai.
Bank Se Zyada Mehnga Hai Yeh Stock?
Jab valuation ki baat aati hai, toh Bajaj Finance abhi bhi banking peers se kaafi expensive lagta hai. Iska TTM P/E ratio 31-35x hai, jabki HDFC Bank ka 15.8x aur ICICI Bank ka 18.4x hai. Dusri NBFCs jaise Cholamandalam Investment (27x) aur Shriram Finance (22.4x) se bhi ye zyada hai. Iska matlab, investors ko isse bahut high growth ki ummeed hai. Agar GNPL aur badha, toh thoda pressure aa sakta hai.
Board Se Kon Ja Raha Hai?
Ek aur badi khabar hai. Rajiv Bajaj, jo ek Non-Executive Director hain, 30 July, 2026 ko board se step down kar rahe hain. Ye NBFC sector ke liye ek bada change hai, kyuki sector mein bhi growth toh hai par funding costs aur margin pressure kaafi hai.
Dividend Bhi Thoda Kam?
Is baar FY26 ke liye ₹6 per share ka final dividend announce kiya hai, jo 2019 ke baad sabse kam payout hai. Shayad company apne paas zyada cash rakhna chahti hai, future mein koi problem aaye ya balance sheet ko aur mazboot karne ke liye.
Analysts Kya Kehte Hain?
But don't worry, most analysts are still bullish. 35 mein se 23 analysts 'Buy' rating de rahe hain. Target price average ₹1,047.17 ke aas-paas hai, matlab lagbhag 13.37% ka upside potential dikh raha hai. Woh EPS 20.8% aur revenue 25.6% per annum grow hone ka andaaza laga rahe hain. Lekin haan, UBS aur JP Morgan jaise kuch experts ne MSME portfolio mein stress ko lekar thoda caution bhi kiya hai. Recent mein April 15, 2026 ko investment rating 'Sell' se 'Hold' ho gayi thi.